An interesting scene is unfolding. The $PIPPIN needle suddenly hit $0.7661, directly striking many people's nerves.

On a certain major exchange's contract, there is a "mysterious small K-line" with a open interest of about 14.6 million $PIPPIN, and an average opening price of $0.2913. This guy is likely the most steadfast bearish trader in the circle. The key is that his margin reserve is indeed solid; otherwise, the recent surge would have forced a liquidation.

The most intense part is the recent market movement. From 3 PM to 7 PM, within just four hours, his losses suddenly skyrocketed to $6.068 million. From profit to loss in a flash, this stark contrast is quite stimulating. Some say this is the market maker conducting a stress test, repeatedly pushing the bearish traders' psychological bottom line upward.

Interestingly, this bearish trader later stated in the community that "no closing or adding positions anymore"—essentially admitting defeat but not fully surrendering, just waiting to see who can't hold on first. $PIPPIN's price movement is aligned with $LIGHT, and the overall situation is still a game of chess.